There is no limit to what we as women can accomplish...
One in five of us has considered starting a business
19% of UK SME's are led by women
39.6% of FTSE 100 and 38.9% of FTSE 250 directorships are held by women
Yet, very few of us have managed to get our estate planning affairs in order.
Whether you are a mother, step mother, daughter, grandmother or wife, most of you have overlooked safeguarding your wealth and assets. Most of you have not taken the steps to protect your families in the event of death or incapacity.
Why?
85% of you control your families day to day finances so what is it about us women that overlook the really important aspects of making a will and getting our Lasting Power's of Attorney in place?
We are increasingly becoming the primary earners in our households - we have been raised to fight for the right to fly the flag of equality yet we overlook protecting our families in the event of our death or incapacity.
Life is fragile.
As someone about to hit a milestone birthday, I am all too conscious of the fragility of life, of the need to protect my family, but why am I in the minority? I took the decision to safeguard my wealth and assets because I worked hard to build my business, I worked hard to buy my home. Age should not be a factor - my children also have wills and LPA's because they too want people they love and trust to step into their shoes to make important decisions about their health and finances should they not be able to due to not having capacity because of an illness or accident.
It makes absolutely no difference if your wealth is held in joint accounts either - once the bank or building society learns that one of the account holders has lost capacity, they will usually freeze the account irrespective of it being held in joint names!
Make Lasting Powers of Attorney's to ensure that the people that you love and trust are the people safeguarding your wealth and property and making the life sustaining decisions on your behalf. Make sure that your loved ones can access joint bank accounts and carry on living in the property if something happens to you. This is serious stuff. The Lasting Power's of Attorney will protect you and your loved ones whilst you are still alive but the LPA's will die upon death. Upon death, your Will becomes the protective document.
Make a will to ensure that your voice is heard after your death - that the correct people inherit the wealth and the 'things' that you have worked hard to get. Make a will to make sure that your family are looked after, choose the right guardians for your children, the best successors for your business
Women, take charge - stop delaying. We fight hard for what we have!
Us women rarely like leaving anything to chance...so why this?
Contact DPA Law and get the guidance you need.
Article by Kathryn Devonald-Davies, Partner. Call Kathryn on 01554 749144 or email kathryn.d@dpalaw.co.uk.
Part of the forthcoming #LegallyGinger series.